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| In today's Daily Pitch, you'll find: | | | | | |
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| Fact or fiction: Does fund family performance persist? | | LPs have a long-held, but controversial, expectation that a fund's performance is likely to be similar to its predecessor fund's performance. This has been backed by some academic studies, but more recent research on fund vintages newer than 2000 has shown that the correlation for so-called performance persistence is even less reliable now.
In our latest Allocator Solutions report, PitchBook analysts test if our new Manager Scoring methodology can settle the debate. If it can, would the data on predecessor funds be available early enough for LPs to make their bets? | | | | | | | | | Investors bet on generative AI to revolutionize drug discovery | |  | | (metamorworks/Getty Images) | | | While the use of generative AI to discover medicines is still not widely discussed, some early adopters of large language and diffusion models have succeeded in raising substantive funding in recent months.
"We are in [the] very early days of how generative AI is going to be applied in life sciences, but I think the applications in drug discovery are potentially profound," said Greg Yap, a partner at Menlo Ventures. | | | | | | | |
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| PitchBook's 2023 Media Kit released | | With uncertainty across the private and public markets likely to continue, strong and insightful thought leadership is critical to your clients and prospects.
By partnering with PitchBook Media, you will have daily opportunities to reach 1.5M+ industry professionals in our newsletter, and you can broaden exposure of your brand through our core industry reports. We also help clients create custom research to share data-driven insights on the market.
Our 2023 Media Kit contains all the details to help your firm position itself in front of a VC or PE audience.
Click here to download it today or to speak to someone on the media team. | | | | | | | |
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| The looming venture capital deficit | | PitchBook's capital-demand-to-supply model illustrates how the immense amount of capital that entered the market in 2020 and 2021 impacted the dynamics of VC. Startups had previously come back to market on a regular schedule to raise new rounds, even as deal sizes increased.
As the market shifts to efficiency, startups have stretched themselves further between rounds. Our recent analyst note lays out how to account for these mechanics in this new investment environment and how the era of market overcapitalization is over—for now. | | | | | | | | | Q&A: BlackRock investor on why private debt is poised for growth | |  | | (John M Lund Photography Inc/Getty Images) | | | European private debt markets could double in size over the next five years, suggests BlackRock's head of private debt for Europe, the Middle East and Africa, Stephan Caron.
While US investors are already well allocated to private debt, Caron predicts there is still plenty of capital to flow into the asset class elsewhere. | | | | | | | | | | Peter Thiel launched the Stanford Review newspaper 36 years ago. It has quietly become one of the surest paths to success in Silicon Valley. [Fortune]
Are hedge fund pioneers facing the end of a golden era? [Financial Times]
Eight startups challenging Nvidia in the world of AI chips. [The Information] | | | | | |
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| | Since yesterday, the PitchBook Platform added: | | 414 Deals | 3023 People | 702 Companies | 22 Funds | | | | | | |
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The Daily Benchmark:
2017 Vintage Global Funds-of-Funds | | | | | | |
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Sparc Group, the operator of clothing retailer Forever 21, has agreed to take a minority stake in Chinese ecommerce giant Shein, which is backed by Sequoia, General Atlantic, Mubadala and others. In turn, Shein has agreed to acquire around one-third of Sparc.
Poolside AI, which is developing an AI tool capable of writing software code, has raised a $100 million extension led by billionaire Xavier Niel and Felicis, bringing the seed round's total to $126 million, Sifted reported.
Modular, which offers an AI developer platform, has raised $100 million in a round led by General Catalyst.
Schüttflix, which operates a marketplace for construction supplies, has raised €45 million from investors including FJ Labs and DEVK Insurance.
FranklinWH Energy Storage, a home energy management provider, has raised a $25 million Series B led by Particle Future.
Berlin-based soft drink brand Holy has secured a €10.5 million Series A led by Left Lane Capital.
Jungle Ventures and Peak XV have led a $2.1 million seed round for Neurowyzr, a Singaporean startup focused on brain health.
Swedish heat pump startup Drem has secured €2 million from Peak. | | | | | |
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PAG is nearing an agreement to acquire Australian Venue, which operates pubs, bars and event spaces in the country, from KKR for about A$1.4 billion (about $906 million), Bloomberg reported.
Ivest Consumer Partners has acquired CloudCo Entertainment, the parent company of the Care Bears franchise, from the Weiss family for $100 million.
Morgan Stanley Investment Management's infrastructure strategy has taken a majority stake in a new joint venture with Crowley called Crowley Wind Services Holdings, which will operate and lease US port facilities to offshore wind developers.
PE firm Japan Industrial Partners has formed a joint venture, BostonGene Japan, with BostonGene, which offers molecular profiles for precise cancer treatment, and NEC Corp., an IT and network technology provider.
Phoenix Equity Partners has invested in Dublin-based managed IT services provider Nostra Technologies. | | | | | |
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Blackstone has revived plans to launch a buyout vehicle, Blackstone Private Equity Strategies Fund, aimed at high-net-worth clients, the Financial Times reported.
Questa Capital has raised a $397 million growth-stage venture fund targeting connected medical device companies and value-based care, The Wall Street Journal reported. | | | | | |
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| European Investment Fund has signed an agreement with Lithuanian nonbank lender SME Finance to provide guarantees that will enable €40 million in new financing for small businesses in the Baltics, Finland and the Netherlands. | | | | | |
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